At some point, the world is going to recognize the Emperor is naked. The only question is when.
Will it be this year? I do not think it will be before the election, I think there is too much vested interest in keeping things rosy and positive. And I just do not see it happening soon.
However at some point, hard money wins out over phoney money. And of the investor class or those with capital, which right now seems to be the emerging markets, they are buying gold and bullion and they are not buying dollars. Or China appears to have slowed their buying of dollars, even though China might be having their own growth problems, or their own bad debt problems. But Singapore and all those other countries with huge cash flows, the emerging world, I would not be surprised -- maybe by 2013 of 2014 -- seeing a non-US dollar alternative currency by those countries.